今日，科创板科创成长层“迎新”！

Core Viewpoint - The listing of three unprofitable companies on the Sci-Tech Innovation Board marks a significant step in facilitating the path for unprofitable hard-tech enterprises to go public, reflecting the inclusivity of the new regulatory framework [1][3][4]. Group 1: New Listings and Standards - Three companies, He Yuan Bio, Xi'an Yicai, and Bibet, are the first to register under the newly established Sci-Tech Growth Layer, which aims to support technology firms with significant breakthroughs and promising commercial prospects despite being unprofitable [1][3]. - He Yuan Bio and Bibet adopted the fifth listing standard, breaking the listing drought since June 2023, with He Yuan Bio being the first to receive registration approval under this standard [3][4]. - Xi'an Yicai, a leading manufacturer in the 12-inch silicon wafer sector, listed under the fourth standard, emphasizing its strategic importance for the company's growth [4]. Group 2: Fundraising and Development Plans - He Yuan Bio plans to use the funds raised from its IPO to establish a large-scale, intelligent production base, aiming for a significant leap in its operational capacity [3]. - Xi'an Yicai's chairman highlighted that the funds raised will be entirely allocated to enhancing the capacity of its second factory, which is crucial for the company's strategic planning [4]. Group 3: Differentiated Lock-up Mechanism - A differentiated lock-up mechanism for offline investors was introduced alongside the IPOs, encouraging long-term investment by requiring higher lock-up ratios and longer periods for unprofitable companies [6][7]. - The lock-up ratios for A-class investors in He Yuan Bio range from 70% for 9 months to 10% for 6 months, while Xi'an Yicai and Bibet have similar structures, reflecting a commitment to long-term value [6][7]. Group 4: Reform Effects and Market Response - Since the launch of the "1+6" reform, the Sci-Tech Innovation Board has received applications from 26 companies, including 8 unprofitable ones, indicating a positive response to the new regulatory environment [9][10]. - The market has shown increased enthusiasm for Sci-Tech Innovation Board ETFs, with 21 new ETFs launched in four months, bringing the total to 105 and a total tracking product scale of 3000 billion [10][15]. Group 5: Investor Engagement and Education - Over 7.58 million investor accounts have been opened for trading in the Sci-Tech Growth Layer, reflecting a significant increase in market participation [20]. - The Shanghai Stock Exchange has conducted extensive investor education and outreach, covering over 1000 entities and enhancing market confidence in the reform measures [20][21].